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Overview

The European Market Infrastructure Regulation1 ("EMIR") and both the Markets in Financial Instruments Directive II2 and Regulation3 (collectively "MiFID II")set out certain information that we are required to provide to our clients under EMIR and MiFID II where we clear derivatives for them, either directly or indirectly through an EU central counterparty that has been reauthorised under EMIR ("CCP"). References to "we" or "us" on this webpage are to the following entities:

CSSU as a registered Futures Commission Merchant ("FCM") must comply with the provisions of the U.S. Commodity Exchange Act ("CEA") and the U.S. Commodity Futures Trading Commission's ("CFTC") rules governing the protection of customer assets and positions. Under the CFTC's regulatory regime, FCM clearing members may provide only omnibus client segregation.

The CSSU Clearing Member Disclosure contains further information regarding the level of protection under the CFTC regulatory regime.

Client Clearing Fees

Introduction

To enable us to comply with our obligations under EMIR and MiFID II, this webpage provides the following details to you where we are providing services that involve us clearing through a CCP:

the prices and fees associated with the clearing services provided to clients and indirect clients; and

the costs associated with each account type that we offer to clients and indirect clients in relation to those services

(together, "Fees")

Unless otherwise provided, terms used on this webpage have the meanings given to them in the Credit Suisse Clearing Member Disclosures, as amended from time to time.

Our Approach to Pricing

Cost-plus model: We use a "cost plus" model for pricing our Exchange Traded Derivatives ("ETD") and Over-The-Counter ("OTC") Derivatives Clearing Services for clients. This means that we charge to clients the CCP Costs (as defined in the tables below) that are charged to us, and then show any additional Fees that we charge to clients as separate items over and above the CCP Costs.

Exchange Traded Derivatives Pricing

The table below sets out the Fees we charge to clients in relation to clearing ETDs through CCPs.

ETD pricing

Type of Fees

Fees

CCP Costs

These are the prices, fees and costs that we have to pay to the CCP in connection with clearing ETD transactions on behalf of the client on that CCP.

You should obtain this information from the CCP

Credit Suisse Transaction Clearing Fee

This is the fee that we will charge to the client to clear ETD transactions on their behalf. It will not exceed the maximum amount set out opposite.

The level of Credit Suisse Transaction Clearing Fee will depend on the Fee Determination Factors as described below.

Maximum of €10a per lot.

Credit Suisse Individual Segregated Account Maintenance Fee

This is the additional fee that we will charge the client to hold its assets and positions in an individual segregated account. It will not exceed the maximum amount set out opposite.

We apply the Fee Determination Factors to the Credit Suisse Individual Segregated Account Maintenance Fee in the same way as we do to the Credit Suisse Transaction Clearing Fee

This is the additional fee that we will charge for the indirect client to hold its assets and positions in a Gross Omnibus Segregated Account. It will not exceed the maximum amount set out opposite.

We apply the Fee Determination Factors to the Credit Suisse Indirect Clearing Gross Omnibus Segregated Account Maintenance Fee in the same way as we do to the Credit Suisse Transaction Clearing Fee

Maximum of €20,000a per Indirect Clearing Gross Omnibus Segregated Account per month per end client within the account

a – Or the equivalent in any other applicable currency, as determined by us at the applicable time

OTC Derivatives Pricing

The table below sets out the Fees we charge to clients in relation to clearing OTC Derivatives through CCPs.

OTC pricing

Type of Fees

Fees

CCP Costs

These are the prices, fees and costs that we have to pay to the CCP in connection with clearing OTC transactions on behalf of the client on that CCP.

You should obtain this information from the CCP

Credit Suisse Transaction Clearing Fee

This is the fee that we will charge to the client to clear OTC transactions on their behalf. It will not exceed the maximum amount set out opposite.

The level of Credit Suisse Transaction Clearing Fee will depend on the Fee Determination Factors as described below.

Maximum of the below when applicable:
a) maximum of €3,000a ticket fee and/or
b) maximum of €100 per million on notional and/or
c) maximum of 100 basis points charge on Initial Margin posted

Credit Suisse Individual Segregated Account Maintenance Fee

This is the additional fee that we will charge the client to hold its assets and positions in an individual segregated account. It will not exceed the maximum amount set out opposite.

We apply the Fee Determination Factors to the Credit Suisse Individual Segregated Account Maintenance Fee in the same way as we do to the Credit Suisse Transaction Clearing Fee

Maximum of €30,000a per Individual Segregated Account per month

a – Or the equivalent in any other applicable currency, as determined by us at the applicable time

Changes in our fees: We may at any time change the Fees (other than the CCP Costs) (the Credit Suisse Clearing Fees) we describe in this document. We will disclose any such changes in accordance with our obligations under EMIR and MiFID II.

Changes in CCP Costs: In addition, CCPs may from time to time change the CCP Costs. The disclosure of any such changes is the responsibility of the CCP.

Costs not covered in this disclosure: Our prices, fees and costs for other services that we may provide to clients in relation to ETDs and OTC Derivatives (for example, execution, collateral transformation or funding) are outside the scope of this disclosure.

Factors that may affect our Fees: The level of Credit Suisse Clearing Fees we charge to a client will depend on:

The client's overall relationship with Credit Suisse

The volume of transactions that we clear for the client

The complexity of our operational arrangements with the client and the extent to which they are automated and

Any third party fees incurred by us in connection with clearing ETDs or OTC Derivatives transactions on behalf of the client (other than CCP Costs)

(together, the "Fee Determination Factors").

Notwithstanding this, the Credit Suisse Clearing Fees we charge to a client will not exceed the maximum such fees published by us in this disclosure from time to time.

Impact of transaction volume and operational complexity on our Fees: The diagram below is a non-exhaustive illustration of the factors we take into account when determining the impact of Fee Determination Factor (2) and (3) (relating to volume of transactions and complexity of operational arrangements) on the Credit Suisse Clearing Fees for a client. In relation to the client’s portfolio, the presence of the factors in the right-hand column will potentially result in Fee Determination Factor having a greater reductive effect on the Credit Suisse Clearing Fees, while presence of the factors in the left-hand column will potentially result in Fee Determination Factor having a less or no reductive effect:

Fee Determination Factors

Factor

Impact on Fees –Increase

Impact on Fees –Decrease

Maturity of Markets

Bespoke

STP

Execution Method

Voice Execution

Electronic

Trading Volumes

Low

High

Account Structure

Individual

Omnibus

Number of Accounts

High

Low

Collateral Process

Non Cash

Cash

Excess Management

Frequent

Infrequent

Contract Settlement

Physical Delivery

Cash Settlement

Client Reporting

Bespoke

Standard

Reassessment of Fee Determination Factors

We may from time to time reassess the Fee Determination Factors in relation to a client. This may result in a change in the fees that we charge. We may apply the Fee Determination Factors differently to the different Credit Suisse Clearing Fees listed above.

Rebates and Discounts

Where a client clears through an individual segregated account with us (but not otherwise), we will pass through any rebate or discount that we receive from a CCP and which is referable to the corresponding individual client segregated account we hold with the CCP.

Additional CCP Information

As a clearing member of LME Clear Limited ("LME Clear") we are required to direct our clients to the LME Clear Rulebook and in particular the Mandatory CCP Provisions of LME Clear which are available on its website at: https://www.lme.com/lme-clear/rules-and-regulations/client-information/ and to the extent that we clear LME transactions for you, then then you will be subject to those Mandatory CCP Provisions.

1 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

2 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast)

3 Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) no 648/2012

4 Credit Suisse International is an unlimited company incorporated in England and authorised as a bank by the United Kingdom Prudential Regulation Authority and regulated by the Financial Conduct Authority.

5 Credit Suisse Securities (Europe) Limited is a private limited company incorporated in England and authorised by the United Kingdom Prudential Regulation Authority and regulated by the Financial Conduct Authority.

6 Credit Suisse Securities (USA) LLC is a limited liability company organized under the laws of the State of Delaware and is registered with the U.S. Commodity Futures Trading Commission ("CFTC") as a futures commission merchant ("FCM").

7 Credit Suisse AG, Sydney Branch is an Australian branch of Credit Suisse AG, it is regulated by the Australian Prudential Regulatory Authority (APRA) and the Australian Securities & Investment Commission (ASIC) and holds an Australian Financial Services Licence No. 226896. It is also, an ASX 24 Market Participant and ASX Clear (Futures) Pty Ltd Clearing Participant. . Credit Suisse AG is a public limited company incorporated in Switzerland and authorised as a Bank/Swiss securities dealer under the supervision of the Swiss Financial Market Supervisory Authority FINMA. Credit Suisse Group entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.), and their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of the obligations of Credit Suisse.

8 Credit Suisse Securities, Sociedad de Valores, S.A. is a public limited company (sociedad anonima) incorporated in Spain and authorised as an investment firm (sociedad de valores) under MiFID by the Spanish securities and markets authority, the Comisión Nacional del Mercado de Valores ("CNMV")

9 Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements; and Commission Delegated Regulation (EU) 2017/2155 of 22 September 2017 amending Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements.